Applications for New Home Purchases Drops in August: MBA

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Mortgage applications to buy a new home decreased 9% in August compared to the prior month, according to data from the Mortgage Bankers Association.

New single-family home sales were running at a seasonally adjusted annual rate of 424,000 units in August, the Washington-based trade group’s builder application survey determined.

The monthly figure is down 2.1% from the July pace of 433,000 units. The MBA said its data did not make adjustments for typical seasonal patterns.

The average loan size for a new home rose 1% month-over-month, to $300,453, the MBA said.

Conventional loans composed the highest volume of mortgage applications at 68.9%. Federal Housing Administration loans accounted for 15.7%, Veterans Affairs loans were 14.3% and Department of Agriculture loans made up 1% of the total amount.

The MBA’s estimates on new home sales is derived using mortgage application information from the builder application survey, which tracks application volume from home builders nationwide.

Article source: http://www.nationalmortgagenews.com/news/origination/applications-for-new-home-purchases-drops-in-august-mba-1042600-1.html

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